1. BAA (SP) Limited Results for three months ended 31 March 2011 April 2011

2. Improved service standards Continued Heathrow traffic growth Strong financial results 2011 financial outlook re-confirmed 2 See page 19 for notes and defined terms

3. Improved service standards February saw Heathrows best ever baggage misconnect performance March Heathrow departure punctuality highest in recent years Consistent security queuing standards 3 Moving annual average Service standard Moving annual average

4. Over £200 million capital invested at Heathrow Significant work across new Terminal 2s full scope –main terminal building –satellite building –multi-storey car park Terminal 5C opening imminently Major works to commence on new Terminal 3 baggage system 4 Terminal 2 site – March 2011

5. Continued Heathrow traffic growth Year on year performance comparisons affected by –different timing of Easter –severe weather and strikes in 2010 –Middle East/North Africa unrest in 2011 More cautious traffic outlook –for 2011 and subsequent years 5 See page 19 for notes and defined terms

6. Heathrows year on year performance still reflects 2010 disruptions 6

7. Consistent priorities Address policy and regulatory issues Focus on Heathrow Making every journey better 7

8. A strong start to 2011 +15.4% +5.6% +0.1% +0.3% +2.7% -0.5% 8 See page 19 for notes and defined terms

9. Revenue growth in aeronautical income… Analysis of aeronautical income 252.5 +7.3% -6.6% Heathrow 238.7 +5.8% Stansted Heathrow income reflects –tariff and traffic increases Stansted income reflects –lower tariffs and traffic partially offset by increased aircraft parking times Tariff increases and change in Heathrow tariff structure implemented on 1 April 2011 9

10. …and continued excellent retail performance… Net retail income per passenger up 7.0% to £5.51 –Heathrow: +7.3% –Stansted: +2.0% Continued tax and duty-free and airside specialist shops momentum –luxury goods –additional space Significant car parking improvement –across Heathrow and Stansted –transaction volumes and tariff increases –greater premium usage Heathrow wins Skytrax global retail award again Analysis of net retail income Change Change per passenger 102.9 +10.3% +9.6% +1.1% Airside and landside shops 95.6 +0.6% +14.1% +14.8% Bureaux de change, catering and other +7.6%+7.0% Car parking 10

11. …combined with good cost control… Analysis of adjusted operating costs 280.6 282.0 -0.5% Q1 2011 cost performance beat budget 2011 full year budget cost increases phased mainly in last 9 months Q1 cost reduction v 2010 –no recurrence of January 2010s severe winter weather –lower gas prices and electricity consumption –cost reductions partially offset by employment costs and rents and rates 11 See page 19 for notes and defined terms

12. …have led to increased Adjusted EBITDA, supporting significant capital investment 12 See page 19 for notes and defined terms

13. Reconciliation of interest payable with interest paid 13

14. Modest underlying increase in net debt 14 See page 19 for notes and defined terms

15. Gearing headroom maintains recent trend Rebalancing gearing between BAA (SP) and BAA (SH) Gearing reduction since December 2010 partly due to proceeds of intercompany loan 15 See page 19 for notes and defined terms

16. Conclusion Improved service standards Continued Heathrow traffic growth Excellent retail momentum continues Strong financial results 2011 financial outlook re-confirmed 16

17. Appendix 17

18. BAA (SP)s consolidated net debt at 31 March 2011 18

19. Notes and defined terms 19 Page 2 –Percentage changes are relative to 2010 –Adjusted EBITDA: earnings before interest, tax, depreciation and amortisation and exceptional items; NRI: net retail income; RAB: Regulatory Asset Base –Net debt is consolidated BAA (SP) Limited figure calculated on a nominal basis excluding intra-BAA group loans and including index-linked accretion Page 5 –Totals and percentage change calculated using un-rounded passenger numbers –European traffic includes North African charter traffic Page 8 –Adjusted operating costs exclude depreciation, amortisation and exceptional items –Adjusted EBITDA: earnings before interest, tax, depreciation and amortisation and exceptional items –Consolidated net debt at BAA (SP) Limited and BAA (SH) plc is calculated on a nominal basis excluding intra-BAA group loans and including index-linked accretion Page 11 –Adjusted operating costs exclude depreciation, amortisation and exceptional items Page 12 –Adjusted EBITDA: earnings before interest, tax, depreciation and amortisation and exceptional items –Adjusted EBITDA for Q1 2008 and Q1 2009 is in respect of continuing operations only, i.e. excluding Gatwick Page 14 –Other net debt movement primarily reflects a payment of historic accretion on restructured index-linked swaps, further costs relating to the Gatwick disposal and group relief payments –The intercompany loan injected £134.8 million into BAA (SP) Limited from elsewhere in the BAA group with £110.0 million coming from Naples airport disposal proceeds and £24.8 million from excess cash at BAA (SH) plc from its refinancing completed in 2010 Page 15 –Gearing is the ratio of external nominal net debt (including index-linked accretion) to the RAB (regulatory asset base) –The intercompany loan injected £134.8 million into BAA (SP) Limited from elsewhere in the BAA group with £110.0 million coming from Naples airport disposal proceeds and £24.8 million from excess cash at BAA (SH) plc from its refinancing completed in 2010

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